Evolv Q2 2021 Financials Examined

By Isabella Cheng, Published Aug 31, 2021, 02:03pm EDT (Info+)

Having gone public earlier this year, raising nearly a half billion, Evolv released its first public financials, with Q2 2021 revenue up 590% year over year, though from a very low base.

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In this report, IPVM examines Evolv's Q2 2021 financials, including:

  • Evolv background and subscription details
  • Lock-in model
  • Q2 2021 revenue
  • Q2 2021 "key wins"
  • 2021 expected revenue
  • Gross margins expansion
  • Revenue breakdown (product, software, services)
  • Employee growth
  • Stock performance

******* ******** ********* ********, *****, **** Public, **** $*.** ******* ************ ******** ******** ** ***** ***** public *** ****.

Evolv **********

******* * **** ******* ********* ******* that ****** ****** ** ** ******* security ********* ******* ****** ** ***** their ******* *** ****. *** **** video *** ** *********** ** *** Evolv's ******** *****:

*** ******* **** ****** *** **** on **** **, **** ***** ******* $470 ******* ** * $*.** ******* valuation, ******* ~$* ******* ** ******* in ****. *******, ***** *** *** sights *** ** ** ******** $* billion ****** ********* *******:

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***** *** "*** ******* *** ********" in ***** ** ** **** **, 2021, *** ***** **** ****** ** ****, ******** * $** ******* ***** addressable ******, ********:

**’** ********** ****** ***,*** ******* ********** at **** ***,*** ******** *********. **’** assumed * $**,*** *** **** *** site *********** ******* *********** *** **** of ***** ********** ******* * $** billion ***** ********* ******.

*****'* ****** **, **** ******** ************** *** ** **** ******* *** its ***** ** * ****** *******.

Subscription *******

***** ****** * ********** ******* ** customers: "************" *** "******** ************." ***** the ************ *****, ********* *** $*,***-*,*** USD * ***** *** *****'* ******** and ******** **** * *****. ***** "purchase ************," ********* *** ~$**,*** ******* for *** ******** *** ***** **** sign * *-**** ********. **** **** pay * ***** ******* ************ *** (~$1,500) ** *** *****'* ********.

Solid ** **** ******* ******

*****'* ** **** ******* **** ***% from $*.* ******* ** ** **** to $*.* *******, *** ******* ********* during *** ****** ** ****. ** Q2 ****, ***** **** **** **** it *** ** *** ** ****.

**** ** ****** ****** *** *****, likely ****** ** *** ********* ** public ****** ** *** ******** ****** in ***** ****.

*****'* ***,***** *******, ********* ** *** **** **** purchase ******** *** ****** **** ******** in **:

** * *********, ** *** * higher **** ****** ***** ** ******** activity ** ** **** ***** ********** revenue ****** * ****** ****** **** we ***** ********* **** ****. ** expect **** **** *** ******** * bit ** **, *** **’** ***** of ****** ******** ********** ****** ** both *** ***** *** ****** ******** of ****.

"Key ****" ** ** ****

***** ***,***** ******, ***** **** ** *** *******'* new ********* ** ** ****:

** *** * **** ****** *** customer ********* ** *** ****** ******* with *** **** ** ****** **********, the **** ***** ******, *** *** Theatre, *** ********* *******, *** ******** WWII ******, ***** ****** ******’* *** Crew, *** ******** **** ** *** Vegas. ***** *** ******** ****.

*** ********* ** *** ** ** pre-pandemic ******, ********** ********** ** *** into *** ******, *** * ***** to *****, ******* *** ******* ******* on ********** ***** ** ***** ****** entertainment *****. *******, **** *** ***** variant *** ********* *** **** ** the ******* ****** **** ****** *******, Evolv's ******** ***** ** ******** ** officials ********* ************ ** ****** ******.

Casinos *** ****** ******** ********** ******

*** ****** **** ****** **** ******* and ****** ******** *** *** ********* that *** ***** ************ ****:

**’** **** ******, ****** **** ** casinos ** *** **** ****** ** quarters. *** **** ************ ****** *** two ********* **** *** ****** * higher ******, *** *** **** ** all *** ***** ********* *** ********** as ********.

On ***** *** **** ******** ******* ~$** *******

*** ******* ******* ***** ******* *** 2021 ** "** ** *** ***** of $** ** ** *******," ******* revenue ~** **** **** ** ****. This ** ** **** **** *** projections ***** ********* ** ***** **** when ** ********* ** *** ***** public *** ****:

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Gross ******* ******** ** ******* ******** **** ****

***** **** **** *** ***** ******* were **.*% ** ** **** ******* many ********* ***** ** ******** *** equipment *******. *******, *** ******* ******* gross ******* ** **** ~** ********** points ** *** *** ** *** year ** *** **-**% *****:

***** ****** *** **.*%, ********** *** expanded **** ** ********* **** ******** the ******** ***** ** *** ****** quarter ** ****. **** *** ********* offset ** ********* ** ******** *****.

** ******* ** ****** **** ********** to ***** ***** ******* ** *** 70% ** **% ***** ** ** exit **** *** **** ****.

**-**% ***** ******* ** *** *** of **** ** **** ***** ********* when ** **** ****** *** ****:

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***** ********* ** **** **** ******* were ***** ** ** **** ******* more ********* ***** *** ******** ************ model (*.*. *** *** ******** *******):

** ********* *** **** *** ******** revenue ******* *** **** ** ***** one. *** ** **** ******** **** also **** *********** **** ***** ***. There *** * ******** ****** ********** of ********* **** **** **** *** path ** * ******** ************ ***** as ******* ** * **** ************ model. **** **** *******, ***'** ***** to *** ****** **** *** ***** gross ******* ** **** ******.

*******, ***** ******* * "**** **********" mix ** ************ *. ******** ************ customers ** *** ******. **** ***** drive ** ***** *******:

** ***** ** *** *********** **** we'll *** * **** ********** ***** of **** ***** **** ** **** talked *****, *** ** *** ***'* have ** **** ********* ******** **** kind ** ******* ******** ******** ***** followed ** *** ***** ************ ***.

***** **** ****** ***** ************ **** further **** ***** ***** ******* **** the **-**% ***** ** *** *** of *** ****:

** ****** ** ** **** ** continue ** ***** *** ******* **** of ********. *** ****** ***** ** building *** **** ******** ***** **** over ****, ** ** *** **** to **** ********* ** ****** *****. We *** *** ****** ******* ** we **** **** **** ** ****, so ******** ****** ** **** ** drive **** ************ ** *** ****** chain.

***'** *** * **** ********** *** of ***********, ***'** *** ****** *****, and **** ***'** *** ***** ************ that ** ***** **** ** ***** through *** ****** *****. *** ******* all ***** ***** ******, *** ** think **** ** *** **** ** a **** ** **% ***** *******.

Product *. ************ *. ******** *******

***** ********* *** ******* **** *******, software, *** ******** ********. *** ** 2021:

  • ******* *******: $*.* *******, ******** ** $17,000 ** ** ****
  • ************: $*.* *******, ******** ** ~$***,*** in ** ****
  • ********: $***,***, ******** ** ~$***,*** ** Q2 ****

******** ***** ** *** ******** ** revenue (~**%) ***** ***, *** ****** for *****'* *** ***** *******. *******, Evolv ******* ************ ******** ** ******* expand *** **** ** ****** *** of ******* ****** *** **** * years:

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*****, ******* ******* ** ** **** was **** ** ****. ** ******, the ** *** ** *** ****** of *** ******** ** ****, ***** depressed ****** ******' ***** *** ******* scanning. *******, ******* ******* *** ********* quickly, ******* ********* *** ****** ***** scanning ******** *** ******* ********** **** 4-year-long *********.

Headcount ******* *******, *** *** *********

***** ** ******* ******, **** ********* increasing *.** ****** * ******, ******* the *** ** ** *** *** end ** ** ****.

** *** ** ****, *** *** shared:

** ****** *** ****** ******* **** approximately *** *********, ******** ** ************* 50 ********* ** ***** **, ****.

***** ****** *** ~*** ********* ** the *** ** ****, ******* ********* 4x **** * ****, **** *** CEO ******:

*** ***** *** ** ******** ** invest ************ ** ****** ** ***** the *********** *** ******* *** ****** of **** ****. ** *** ***** half ** *** ****, ** ***** about ** *** ****** ** *** company. * *** ** ***** **** quota ******** ***** ****** *** *** plan ** ** ** *** **** now ** *** ****** **** ** 2021.

***** **** **** ** ** ************ investing ** ***** *** *********** *********:

**'* ***** ***** ***** ** *** making ***** ********* ***********, ** *** critical *****. ****** *** ** ** revenue ********** *********, **** ***** ******** sales **********. **** ********* ***** ** drive *******. ****** ***, **'** ****** throughout *** ***********. *&* ********* ************* help ******** ** ****** *** ********** leadership ******** ** *** ******, ** it's ***** ** ** ***** ********* for ** ** ******** ** **** engineering ******. ***** *** ***** *** where ***'** *** ** ******** ** invest.

Lock-In ***** ******* **** *********

***** *** * ****-** *****, **** like ******* *** *****. ******* *** software ************, *****'* ******** ** *********** bricked. ***** **** **** *** "****** sauce" ** *** ******* ** *****'* "AI-based ********" ***** ***** * ************:

** ****'** [*********] ****** *** ******** upfront, *** ** *** *** ** the ************ ******** ****, ** **** don't **** ** ***** *** ******** reason, **** ******** ***** ****** ******** not ***** ******* ** **** ********, because **'* *** **-***** ******** **** is *** ****** ***** ** **** product. **** ** **** ****** ** to ** **** ** ******* ********** for *** *** ******* ** *** database *** *** ******* ** *** product. **'* *** ******** ******.

*** ** **'* ***** ** **** the ******** *** ****'* ********* **** one, *** **'* *** ****** ***** that's *** ******** **** ** *** don't *****, *** ***'* **** ****** to. *** **, *** ***** **** what *** ***** ****** ** **** that ******** ** **** *****.

**** ****-** ***** ** ****** ****** by ********* ******* ** ****** ********** recurring ******* ** *** **** ****. Companies **** ****-** ****** *** ************ given **** ********** ******* ** ******* costly *** ********* ** ****** ********, so **** *** ** **** *** continue ***** *************.

Stock **** ***** ***** ******

******* ****** ** ******* ***********, *****'* stock ** **** ~**% **** *** beginning ** ******* ** **** **, 2021:

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Future *** *****

***** ****** ****** ** **** ******* and ** ** ***** ** ** $20 ******* ** ******* **** **** after **** $* ******* ** ****. This ** ** **** **** *********** when *** ******* ********* *** ****, so ** ** ******** **** ***** is **********. *******, ***** *** ********** launched *** ******** ********* ******* ******* detection *******. ***** ******** *** ***** large ******** *********' ******** **** ** doubt ** * **** *** ***** and *** ******* ** ****** ************. However, *** **** *** ********* ******** works ** *******. *** *******'* ****** may **** ** ******** ** *** pandemic ******* ** *** ****** *** public ****** *** **** ***** **** down.

Comments (1)

***** ***, * **** ***** ***** bit ** ******* ** ** ***** ultimately *** ******** ** ***** ******** vendors *** ***** ********** ********** *** such.

*******, **** * *** * ******* that ***** ******** **** ** *** "total *********** ****** ** $*** ********" and ** **** ** ******** ** will ** $**** ** ******* ******* only ******* $*.** **** *******, ** really ***** *** ******?

*** ** ** ****? *** ****** is "***" ** ***** *** ****** of ********* *** ***** ***** **** received **** ********** ***** ** *** allure ** ************* *** * **** TAM ** ** *****. ***, ***** is ** **** **** **** **** which * **** ***** ********* ** the **** ****** ** **** ***** expectations *** *** ************ ** *** SPAC.

*) *** **** ****** ***** ****** around *** *****? **** **** ** LinkedIn * *** ** **** ***** in *** **, *** **** ***** aspirations **** **** **** ***** ***** to **** *** ******* ***** ******** speaking *** ***** ********? **** ** even **** *********** **** ***** ************.

*) ***** ** ****** / *******. This *** ***** ** ** *********.

*) ******* ********* *********

*) ************* ************. ***** *** ** components ** **** *** ************ **** may ** * ********* **** ********* shortages

*) *********** *******. *'** **** ***** this ***** * *** *** ** increase ** ******.

*) ********* ** ******* *** ****** such ** ** *********, ***'*, ******* platforms, ********* *********....

*** ** *****.

*****, * **** **** ******* *** these *** **** *** *********** ** such ** ***** ****.

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